Bitget App
Trade smarter
Buy cryptoMarketsTradeCopyBotsEarnWeb3

SEC Chair Gary Gensler skirts questions about agency's stance on spot ether ETFs

The BlockThe Block2024/03/08 19:19
By:The Block

Quick Take SEC Chair Gary Gensler is not giving any hints on whether the agency might approve spot Ethereum ETFs. Big name firms including BlackRock and Fidelity filed for spot Ethereum ETFs in November and have since been followed by Franklin Templeton, Ark 21Shares, VanEck and Grayscale.

Securities and Exchange Commission Chair Gary Gensler is not giving any clues yet on whether the agency will approve spot Ethereum ETH +1.68% exchange-traded funds.

In a Friday morning interview with Yahoo Finance, Gensler was questioned regarding the approximately ten firms that have submitted applications for a spot Ethereum product and whether he regarded a summer court ruling involving Grayscale as "precedent-setting."

"I don't want to prejudge any one filing, and as you said, there's 10 filings in front of us," Gensler said. "So news alert, I'm not going to prejudge that. But to your question, we look at the facts and circumstances and that which was in front of us."

Big name firms including BlackRock and Fidelity filed for spot Ethereum ETFs in November and have since been followed by Franklin Templeton, Ark 21Shares, VanEck and Grayscale . Some experts have been optimistic that the SEC could approve a spot Ethereum ETF given that ether futures ETFs already trade and say Grayscale's win against the SEC in court last year could tip the scales.

Following a summer ruling by a D.C. court, where three judges mandated the SEC to re-evaluate Grayscale Investments' proposal for a spot bitcoin ETF, the SEC subsequently approved spot bitcoin ETFs. Gensler, however, has said that the agency's decision to approve spot bitcoin ETFs should be " cabined " to just that.

Not so decentralized

Gensler, who has said in the past that most cryptocurrencies are securities and has called for firms to register with the SEC, said the "whole crypto field has challenges," during Friday's interview with YahooFinance.

"The whole field is rife with abuses and fraud," said Gensler. "Look at the series of bankruptcies in 2022 and 2023 when investors weren't getting the proper disclosures from the middle of the market, the intermediaries. By the way, for the viewing public, this is not that decentralized."

Intermediaries are pulling together investors' assets and not giving "the proper disclosures," he said. "They're doing things that we would never allow the New York Stock Exchange to do."


0

Disclaimer: everything in the article represents the author's point of view and has nothing to do with this platform. This article is not intended to be used as a reference for making investment decisions.

You may also like

Solana Chain Cat Meme Token MEW Collaborates with Well-Known Korean Animation Studio to Launch 3D Original Animation

Cointime2024/05/30 03:46

OpenSea adds support for NFTs on the Sei Network

Cointime2024/05/30 03:46

Derbit options block trading data: short BTC volatility, bullish ETH

Cointime2024/05/30 03:46

Rivo.xyz launches a points program that can be converted into Rivo tokens after Q4

Cointime2024/05/30 03:46

‌Spot copy trading

More
AIOnline
AIOnline
insight1000/1000
9186.44%
ROI
Total profit $46850.85
WhaleGo_YouTube
WhaleGo_YouTube
insight500/500
1264.2%
ROI
Total profit $3670.78

Bot copy trading

More
GoldenEgg
GoldenEgg
insight99/150
$20910.99
Total profit
Total subscriber profits $-280.44
BGUSER-FFF8CNJ4
BGUSER-FFF8CNJ4
insight7/150
$7478.77
Total profit
Total subscriber profits $-22.88